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Groupon,
pioneer of group buying and one the fastest growing companies in
history, will have its launch on the stock markets today with an
initial public offering (IPO) that's values the business at thirteen billion dollars,
more double the $6bn that Google
offered for the three year old company last year.

A recent Business
Insider profile of Groupon had some fascinating insights on
this unique company and its growth, there's a number of lessons
that most business owners, entrepreneurs and managers can take
from this company's dramatic growth and market leadership
regardless of the sector they operate in.

Apply tech to your business

Many people make the mistake that Groupon is tech startup when
it's actually a sales operation.

Groupon's business model isn't really new, what they have done is
applied various web technologies to the directory and voucher
shopping industries and come up with a 21st Century way of doing
things.

Bringing together different modern tools like social media, cloud
computing, local search and the mobile web makes businesses more
flexible and quick to develop new market opportunities.

Prepare for quick changes

Groupon was born out of another business – The Point. As The
Point steadily died, Andrew
Mason and his mentor Eric
Lefkofsky decided to try something different and Groupon was
born.

This ability to change focus quickly – often called "pivoting" –
is essential in changing markets. In volatile times like today
where today's business conditions can't be taken for granted we
have to be prepared for rapid changes.

Fortunately the cost and time to changes your business focus has
dropped dramatically with digital and online tools, which is
another reason to embrace tech.

Get a good business mentor

Eric
Lefkofsky bought maturity and a perspective to Groupon's
young leadership, having a different and more experienced view of
the business helped it develop and grab the opportunity. An
experienced business mentor can be worth their weight in gold.

Back a good idea

In Nicholas Carson's Business
Insider profile he describes Andrew Mason role at Eric
Lefkofski's business before The Point as "an intern, 'kind of
squatting in their offices'". Lefkofski was prepared to back the
geeky kid camping on his premises.

Putting your prejudices and judgements on the shelf to back good
ideas, particularly those that don't cost much to execute, is one
way to find where the opportunities lie.

Tell your business story

Regardless of what you think of Groupon's claims, they tell
a very good story which has lead to their amazing growth and the
development of the group buying industry. Being able to tell your
story, in your terms, is one of the great advantages the web,
local search and social media deliver.

There's no reason why your business shouldn't be dominating the
local market in whatever field you work in. Regardless of what
your business does, it can benefit from applying the online tools
that are available to all of us.

Our businesses may not be the next Groupon but the web gives us
the opportunity to build our business to take advantage of the
21st Century. It's worthwhile understanding the new tools at our
fingertips.